EESL raises long-term Rs 500 cr loan from PNB

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EESL raises long-term Rs 500 cr loan from PNB

State-run Energy Efficiency Services (EESL) said it has raised its first long-term rupee loan of Rs 500 crore from Punjab National Bank.

The loan shall be utilised towards funding capital expenditure of EESL’s flagship programmes including Street Lighting National Programme, Smart Meter National Programme, Solar Substation, and E-Mobility project, a company statement said.

The agreement for the seven-year loan was signed with a two-year moratorium, with the interest rate being linked to PNB’s Marginal Cost of Fund-Based Lending Rate (MCLR), presently at 8.45 percent per annum.

EESL Managing Director Saurabh Kumar said the loan will also channel India’s capabilities towards leading the global charge against climate change from the front.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-01-04 02:44:16

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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